25 Feb Gladstone Rent Prices Increase
If you talk to anyone in Gladstone who rents property or who has recently moved into a new rental, they will tell you how difficult it was to find a home at an affordable price.
It was only in January 2018 when Gladstone’s rental prices were the cheapest in the nation. Now, it’s no secret that Gladstone’s rental prices are on an upward trend!
When prices dropped to the lowest in the nation just a few years ago, it attracted a lot of interest from residents looking to move to the region seeking employment and affordable housing.
In addition to the economic uncertainty brought on by COVID-19, tenant vacancy rates dropped to below 1 per cent across many areas of the state including Gladstone. The pandemic also had an impact on the turnover of rental properties, slowing them down with many properties requiring full applications to be lodged and approved before prospective tenants could even view the property.
The latest figures from the Residental Tenancies Authority shows that the median rental price for a two-bedroom house in Gladstone currently sits at $250. When compared to last year’s median price of $190, Gladstone tenants saw a 31.57% price increase in just 12 months!
With current rental demand exceeding supply and the recently announced hydrogen plant renewing industry interest in the region, renters could continue to see prices increase.